Equilibrium condition of a firm is ___________

(a)

MC = MR

(b)

MC > MR

(c)

MC < MR

(d)

MR = Price

Profit of a firm is obtained when __________.

(a)

TR < TC

(b)

TR - MC

(c)

TR > TC

(d)

TR = TC

In which type of market, AR and MR are equal _______

(a)

Duopoly

(b)

Perfect competition

(c)

Monopolistic competition

(d)

Oligopoly

Price leadership is the attribute of ________

(a)

Perfect competition

(b)

Monopoly

(c)

Oligopoly

(d)

Monopolistic competition

In which market form, does absence of competition prevail?

(a)

Perfect competition

(b)

Monopoly

(c)

Duopoly

(d)

Oligopoly

_____________ classifies market on the basis of time

(a)

Adam Smith

(b)

Alfred Marshall

(c)

Samuelson

(d)

E.H. Chamberlin

The imperfect competition was propounded in England by _________

(a)

Mrs. Joan Robinson

(b)

E.H. Chamberlin

(c)

Marshall

(d)

Adam Smith

Which of these is a feature of a market?

(a)

Buyers and sellers

(b)

Existence of a product or service

(c)

Willingness and ability to pay and sell

(d)

All of these

Total revenue is defined as _________

(a)

Revenue per unit of a commodity

(b)

Addition to revenue when one more unit of the commodity is sold

(c)

Proceeds from the sale of the commodity

(d)

All of these

Which is the first order condition for the profit of a firm to be maximum?

(a)

AC = MR

(b)

MC = MR

(c)

MR = AR

(d)

AC = AR